SOLUTION: John Lee's savings account has a balance of $4494. After 3 years, what will the amount of interest be at 5% compounded semiannually?
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Question 185407: John Lee's savings account has a balance of $4494. After 3 years, what will the amount of interest be at 5% compounded semiannually?
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!
Let's see how much money you got after 3 years:
where
Substituting:
,
Therefore, Amount of Interest = =$717.65, ANSWER
Thank you,
Jojo
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